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MALCOLM GUNN and JULIE BUTLER advise on topical issues for practitioners with farming clients
KEY POINTS
- Profits under threat and an increasing level of HMRC investigations.
- Repairs and replacements and the question of tax relief.
- The averaging of partnership profits.
- The use of companies in farming businesses.
- Maximising entitlement to inheritance tax business and agricultural property reliefs.
The 2012 harvest has been described as a ‘wet affair’ and in the majority of cases reported yields have been disappointing.
Farming has enjoyed strong profitability over the past few years set against agricultural statistics of farmland values being on course for a tenth consecutive year of annual growth.
However there is still uncertainty about the impact of proposed common agricultural policy (CAP) reform on farm profitability.
One of the proposed conditions of the reform is the possibility of ‘active farmer’ conditions being introduced to...
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